Qualcomm discloses political giving

In the wake of a lawsuit filed by Comptroller Tom DiNapoli, the telecommunications firm Qualcomm has disclosed its political activities for most of 2012.

The San Diego-based firm contributed $78,000 to state-level candidates and another $161,000 to federal candidate committees. Those contributions have already been disclosed through the Federal Election Commission. But Qualcomm went further, disclosing $90,000 in contributions to 501(c)-4 groups and a $1 million check to the Committee for a Responsible Federal Budget. It also contributed to several trade associations, including the U.S. Chamber of Commerce. These donations are not required to be disclosed under federal election law. (A full list is posted below)

DiNapoli sued Qualcomm in a Delaware-based chancery court, arguing that his status as an investor — through the state’s $150 billion-plus common retirement fund — entitled him to the information to make a sound investment decision.

The firm’s disclosure comes as DiNapoli withdrew the suit. So, no test of whether such suits could force disclosure among other companies.

Happy quotes:

“Qualcomm agrees with the New York State Common Retirement Fund that increased transparency for election-related activities by corporations is very beneficial,” said Dr. Paul E. Jacobs, the CEO and Chairman of Qualcomm. “While Qualcomm has been developing a new policy on disclosure of political expenditures for some time, engaging with the Common Retirement Fund has been helpful.”

“Qualcomm’s disclosure policy sets a high standard for transparency in corporate political spending disclosure and the company deserves praise for its actions,” said New York State Comptroller Thomas P. DiNapoli, trustee of the Fund. “This is a significant milestone in greater transparency in corporate political spending.”